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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended April 30, 2022.
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ____ to ____.
COMMISSION FILE NUMBER 001-09235
tho-20220430_g1.jpg
THOR INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware93-0768752
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
601 E. Beardsley Ave., Elkhart, IN
46514-3305
(Address of principal executive offices)(Zip Code)
(574) 970-7460
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each classTrading Symbol(s)on which registered
Common stock (Par value $.10 Per Share)THONew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes        No    

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes        No    

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer                         Accelerated filer            
Non-accelerated filer                         Smaller reporting company    
Emerging growth company    

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes        No    
As of May 31, 2022, 54,531,138 shares of the registrant’s common stock, par value $0.10 per share, were outstanding.




PART I – FINANCIAL INFORMATION (Unless otherwise indicated, amounts in thousands except share and per share data.)
ITEM 1. FINANCIAL STATEMENTS

THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

April 30, 2022July 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$329,297 $445,852 
Restricted cash
2,682 2,854 
Accounts receivable, trade, net1,166,316 796,489 
Accounts receivable, other, net80,482 153,443 
Inventories, net1,734,079 1,369,384 
Prepaid income taxes, expenses and other45,658 35,501 
Total current assets3,358,514 2,803,523 
 Property, plant and equipment, net1,233,907 1,185,131 
Other assets:
Goodwill1,834,873 1,563,255 
Amortizable intangible assets, net1,171,149 937,171 
Deferred income tax assets, net1,159 41,216 
Other135,898 123,792 
Total other assets3,143,079 2,665,434 
TOTAL ASSETS
$7,735,500 $6,654,088 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$1,029,300 $915,045 
Current portion of long-term debt10,991 12,411 
Short-term financial obligations18,189 25,720 
Accrued liabilities:
Compensation and related items
280,662 249,761 
Product warranties
309,377 267,620 
Income and other taxes
66,808 85,789 
Promotions and rebates
123,930 128,869 
Product, property and related liabilities46,971 38,590 
Other
85,429 70,980 
Total current liabilities1,971,657 1,794,785 
Long-term debt1,983,596 1,594,821 
Deferred income tax liabilities, net141,520 113,598 
Unrecognized tax benefits25,603 15,844 
Other liabilities171,941 186,934 
Total long-term liabilities2,322,660 1,911,197 
Contingent liabilities and commitments
  
Stockholders’ equity:
Preferred stock – authorized 1,000,000 shares; none outstanding
  
Common stock – par value of $.10 per share; authorized 250,000,000 shares; issued 66,059,403 and 65,651,570 shares, respectively
6,606 6,565 
Additional paid-in capital490,686 460,482 
Retained earnings3,555,766 2,770,401 
Accumulated other comprehensive income (loss), net of tax(142,609)44,621 
Less treasury shares of 11,528,265 and 10,285,329, respectively, at cost
(476,558)(360,226)
Stockholders’ equity attributable to THOR Industries, Inc.3,433,891 2,921,843 
Non-controlling interests 7,292 26,263 
Total stockholders’ equity3,441,183 2,948,106 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$7,735,500 $6,654,088 

See Notes to the Condensed Consolidated Financial Statements.



2



THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

Three Months Ended April 30,Nine Months Ended April 30,
2022202120222021
Net sales
$4,657,517 $3,459,264 $12,490,759 $8,724,412 
Cost of products sold3,850,072 2,953,984 10,352,616 7,425,403 
Gross profit807,445 505,280 2,138,143 1,299,009 
Selling, general and administrative expenses281,676 231,834 845,009 619,786 
Amortization of intangible assets
40,725 30,480 117,288 87,110 
Interest income570 142 854 662 
Interest expense22,859 26,808 68,370 75,248 
Other income (expense), net(348)16,379 13,172 25,430 
Income before income taxes462,407 232,679 1,121,502 542,957 
Income tax provision116,389 49,960 265,046 113,409 
Net income 346,018 182,719 856,456 429,548 
Less: Net (loss) attributable to non-controlling interests(2,033)(592)(405)(44)
Net income attributable to THOR Industries, Inc.$348,051 $183,311 $856,861 $429,592 
Weighted-average common shares outstanding:
Basic54,906,356 55,366,241 55,278,320 55,323,080 
Diluted55,068,783 55,723,378 55,507,023 55,615,107 
Earnings per common share:
Basic$6.34 $3.31 $15.50 $7.77 
Diluted$6.32 $3.29 $15.44 $7.72 
Comprehensive income:
Net income $346,018 $182,719 $856,456 $429,548 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment(90,910)(7,449)(196,051)33,691 
Unrealized gain on derivatives, net of tax3,620 2,929 8,104 8,612 
 Other (loss), net of tax  (372) 
Total other comprehensive income (loss), net of tax(87,290)(4,520)(188,319)42,303 
Total Comprehensive income 258,728 178,199 668,137 471,851 
Less: Comprehensive income (loss) attributable to non-controlling interests(2,417)(647)(1,494)41 
Comprehensive income attributable to THOR Industries, Inc.$261,145 $178,846 $669,631 $471,810 


















See Notes to the Condensed Consolidated Financial Statements.



3



THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Nine Months Ended April 30,
20222021
Cash flows from operating activities:
Net income$856,456 $429,548 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation95,206 82,533 
Amortization of intangible assets117,288 87,110 
Amortization of debt issuance costs8,457 12,825 
Deferred income tax benefit (18,830)(4,499)
(Gain) loss on disposition of property, plant and equipment833 (296)
Stock-based compensation expense22,736 21,424 
Changes in assets and liabilities:
Accounts receivable(256,180)(175,635)
Inventories, net(338,852)(632,506)
Prepaid income taxes, expenses and other(4,578)(28,280)
Accounts payable78,897 341,535 
Accrued liabilities92,693 32,581 
Long-term liabilities and other(16,577)8,733 
Net cash provided by operating activities637,549 175,073 
Cash flows from investing activities:
Purchases of property, plant and equipment (170,702)(81,162)
Proceeds from dispositions of property, plant and equipment 823 1,742 
Business acquisitions, net of cash acquired(781,967)(310,938)
Other(20,000)9,330 
Net cash used in investing activities(971,846)(381,028)
Cash flows from financing activities:
Borrowings on revolving asset-based credit facilities660,088 225,676 
Payments on revolving asset-based credit facilities(559,035)(114,836)
Proceeds from issuance of senior unsecured notes500,000  
Payments on term-loan credit facilities(124,565)(59,700)
Payments on other debt(7,842)(9,711)
Payments of debt issuance costs(8,445) 
Regular cash dividends paid(71,496)(68,100)
Payments on finance lease obligations(801)(492)
Purchases of treasury shares(98,321) 
Payments related to vesting of stock-based awards(18,011)(8,317)
Short-term financial obligations and other, net(21,120)(7,323)
Net cash provided by (used in) financing activities250,452 (42,803)
Effect of exchange rate changes on cash and cash equivalents and restricted cash(32,882)4,857 
Net decrease in cash and cash equivalents and restricted cash(116,727)(243,901)
Cash and cash equivalents and restricted cash, beginning of period448,706 541,363 
Cash and cash equivalents and restricted cash, end of period331,979 297,462 
Less: restricted cash2,682 2,900 
Cash and cash equivalents, end of period$329,297 $294,562 
Supplemental cash flow information:
Income taxes paid$270,063 $172,397 
Interest paid$59,454 $62,048 
Non-cash investing and financing transactions:
Capital expenditures in accounts payable$7,914 $3,497 



See Notes to the Condensed Consolidated Financial Statements.



4



THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2022 AND 2021 (UNAUDITED)
Three Months Ended April 30, 2022
AccumulatedStockholders’
AdditionalOtherEquityNon-Total
Common StockPaid-InRetainedComprehensiveTreasury StockAttributablecontrollingStockholders’
SharesAmountCapitalEarningsIncome (Loss)SharesAmountto THORInterestsEquity
Balance at February 1, 202266,059,403 $6,606 $479,946 $3,231,378 $(55,703)11,029,159 $(436,568)$3,225,659 $27,925 $3,253,584 
Net income (loss)— — — 348,051 — — — 348,051 (2,033)346,018 
Purchases of treasury shares— — — — — 499,106 (39,990)(39,990)— (39,990)
Restricted stock unit activity — (526)— — — — (526)— (526)
Dividends $0.43 per common share
— — — (23,663)— — — (23,663)— (23,663)
Stock-based compensation expense— — 9,750 — — — — 9,750 — 9,750 
Other comprehensive income (loss)— — — — (86,906)— — (86,906)(384)(87,290)
Dividend paid to non-controlling interest— — — — — — — — (555)(555)
Acquisitions— — 1,516 — — — — 1,516 (17,661)(16,145)
Balance at April 30, 2022
66,059,403 $6,606 $490,686 $3,555,766 $(142,609)11,528,265 $(476,558)$3,433,891 $7,292 $3,441,183 
Nine Months Ended April 30, 2022
AccumulatedStockholders’
AdditionalOtherEquityNon-Total
Common StockPaid-InRetainedComprehensiveTreasury StockAttributablecontrollingStockholders’
SharesAmountCapitalEarningsIncome (Loss)SharesAmountto THORInterestsEquity
Balance at August 1, 202165,651,570 $6,565 $460,482 $2,770,401 $44,621 10,285,329 $(360,226)$2,921,843 $26,263 $2,948,106 
Net income (loss)— — — 856,861 — — — 856,861 (405)856,456 
Purchases of treasury shares— — — — — 1,090,067 (98,321)(98,321)— (98,321)
Restricted stock unit activity407,833 41 5,952 — — 152,869 (18,011)(12,018)— (12,018)
Dividends $1.29 per common share
— — — (71,496)— — — (71,496)— (71,496)
Stock-based compensation expense— — 22,736 — — — — 22,736 — 22,736 
Other comprehensive income (loss)— — — — (187,230)— — (187,230)(1,089)(188,319)
Dividend paid to non-controlling interest— — — — — — — — (555)(555)
Acquisitions— — 1,516 — — — — 1,516 (16,922)(15,406)
Balance at April 30, 2022
66,059,403 $6,606 $490,686 $3,555,766 $(142,609)11,528,265 $(476,558)$3,433,891 $7,292 $3,441,183 
See Notes to the Condensed Consolidated Financial Statements.



5



THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2022 AND 2021 (UNAUDITED)
Three Months Ended April 30, 2021
AccumulatedStockholders’
AdditionalOtherEquityNon-Total
Common StockPaid-InRetainedComprehensiveTreasury StockAttributablecontrollingStockholders’
SharesAmountCapitalEarningsIncome (Loss)SharesAmountto THORInterestsEquity
Balance at February 1, 202165,651,570 $6,565 $448,010 $2,402,211 $73,676 10,285,329 $(360,226)$2,570,236 $26,475 $2,596,711 
Net income (loss)— — — 183,311 — — — 183,311 (592)182,719 
Restricted stock unit activity— — (2,049)— — — — (2,049)— (2,049)
Dividends $0.41 per common share
— — — (22,700)— — — (22,700)— (22,700)
Stock-based compensation expense— — 8,366 — — — — 8,366 — 8,366 
Other comprehensive income (loss)— — — — (4,465)— — (4,465)(55)(4,520)
Dividend paid to non-controlling interests— — — — — — — — (605)(605)
Balance at April 30, 2021
65,651,570 $6,565 $454,327 $2,562,822 $69,211 10,285,329 $(360,226)$2,732,699 $25,223 $2,757,922 
Nine Months Ended April 30, 2021
AccumulatedStockholders’
AdditionalOtherEquityNon-Total
Common StockPaid-InRetainedComprehensiveTreasury StockAttributablecontrollingStockholders’
SharesAmountCapitalEarningsIncome (Loss)SharesAmountto THORInterestsEquity
Balance at August 1, 202065,396,531 $6,540 $436,828 $2,201,330 $26,993 10,197,775 $(351,909)$2,319,782 $25,787 $2,345,569 
Net income (loss)— — — 429,592 — — — 429,592 (44)429,548 
Restricted stock unit activity255,039 25 (3,925)— — 87,554 (8,317)(12,217)— (12,217)
Dividends $1.23 per common share
— — — (68,100)— — — (68,100)— (68,100)
Stock-based compensation expense— — 21,424 — — — — 21,424 — 21,424 
Other comprehensive income (loss)— — — — 42,218 — — 42,218 85 42,303 
Dividend paid to non-controlling interests— — — — — — — — (605)(605)
Balance at April 30, 2021
65,651,570 $6,565 $454,327 $2,562,822 $69,211 10,285,329 $(360,226)$2,732,699 $25,223 $2,757,922 





See Notes to the Condensed Consolidated Financial Statements.



6



NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(All U.S. Dollar, Euro and British Pound Sterling amounts presented in thousands except share and per share data or except as otherwise specified)

1.    Nature of Operations and Accounting Policies

Nature of Operations

THOR Industries, Inc. was founded in 1980 and is the sole owner of operating subsidiaries (collectively, the “Company” or “THOR”), that, combined, represent the world's largest manufacturer of recreational vehicles (“RVs”). The Company manufactures a wide variety of RVs in the United States and Europe and sells those vehicles, as well as related parts and accessories, primarily to independent, non-franchise dealers throughout the United States, Canada and Europe. Unless the context requires or indicates otherwise, all references to “THOR,” the “Company,” “we,” “our” and “us” refer to THOR Industries, Inc. and its subsidiaries.

The July 31, 2021 amounts are derived from the annual audited financial statements of THOR. The interim financial statements are unaudited. In the opinion of management, all adjustments (which consist of normal, recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented have been made. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2021. Due to seasonality within the recreational vehicle industry, and the impact of the ongoing supply chain disruptions on our industry, among other factors, annualizing the results of operations for the nine months ended April 30, 2022 would not necessarily be indicative of the results expected for the full fiscal year.

2.    Acquisitions

Airxcel

On September 1, 2021, the Company acquired Wichita, Kansas-based AirX Intermediate, Inc. (“Airxcel”). Airxcel manufactures a comprehensive line of high-quality component products which are sold primarily to original equipment RV manufacturers as well as consumers via aftermarket sales through dealers and retailers. Airxcel provides industry-leading products in recreational vehicle heating, cooling, ventilation, cooking, window coverings, sidewalls and roofing materials, among others. The initial cash consideration for the Airxcel acquisition was $750,000 in cash, subject to adjustments, and was funded through a combination of cash-on-hand and $625,000 of borrowings from the Company's asset-based credit facility (“ABL”). The total cash consideration to be paid was subject to the final determination of the actual acquired net working capital as of the close of business on September 1, 2021, which was finalized in the second quarter of fiscal 2022 and the true-up reduced the cash consideration to $745,279, net of cash acquired. In conjunction with the Airxcel acquisition, the Company expanded its existing ABL facility from $750,000 to $1,000,000, favorably amended certain terms of the agreement and extended the term of the ABL as discussed in Note 12 to the Condensed Consolidated Financial Statements. The interest rate provisions remain unchanged.

The Company acquired Airxcel as part of its long-term, strategic growth plan and the acquisition is expected to provide numerous benefits, including strengthening the RV supply chain, diversifying its revenue sources and expanding Airxcel’s supply chain business in North America and Europe. Airxcel operates as an independent operation in the same manner as the Company's other subsidiaries.

The results of Airxcel are included in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income since the September 1, 2021 acquisition date. Airxcel recorded net sales of $371,503, net of intercompany sales, and net income before income taxes, net of intercompany profit elimination, of $25,595 for the period from the date of acquisition through April 30, 2022. Net income before income taxes includes a charge of $6,791 related to the step-up in assigned value of acquired Airxcel inventory that was included in cost of products sold, and also includes $25,930 in amortization expense related to the acquired intangible assets.


7



From the acquisition date through April 30, 2022, the Company made immaterial measurement period adjustments to better reflect the facts and circumstances that existed at the acquisition date. The following table summarizes the estimated fair values of the Airxcel net assets acquired on the acquisition date. The Company is in the process of finalizing the fair value analysis, but this analysis has not been fully completed. The provisional amounts included below, related to deferred income tax liabilities and certain accrued expenses, remain subject to potential adjustment. The Company expects to finalize these values as soon as practical and no later than one year from the acquisition date.

Cash$23,404 
Inventory71,150 
Other assets62,657 
Property, plant and equipment40,518 
Amortizable intangible assets:
Customer relationships284,000 
Trademarks56,900 
Design technology assets60,600 
Backlog700 
Goodwill368,688 
Current liabilities(109,586)
Deferred income tax liabilities(79,115)
Other liabilities(10,494)
Non-controlling interest(739)
Total fair value of net assets acquired768,683 
Less cash acquired(23,404)
Total cash consideration for acquisition, less cash acquired$745,279 

On the acquisition date, amortizable intangible assets had a weighted-average useful life of 18.3 years. The customer relationships were valued based on the Discounted Cash Flow Method and are being amortized on an accelerated basis over 20 years. The trademarks were valued on the Relief from Royalty Method and are being amortized on a straight-line basis over 20 years. The design technology assets were valued on the Relief from Royalty Method and are being amortized on a straight-line basis over 10 years. Backlog was valued based on the Discounted Cash Flow Method and was amortized on a straight-line basis over two months. The majority of the goodwill recognized as a result of this transaction is not deductible for tax purposes.

Tiffin Group

On December 18, 2020, the Company acquired luxury motorized recreational vehicle manufacturer Tiffin Motorhomes, Inc., including fifth wheel towable recreational vehicle manufacturer Vanleigh RV, and certain other associated operating and supply companies, which primarily supply component parts and services to Tiffin Motorhomes, Inc. and Vanleigh RV (collectively, the “Tiffin Group”). Tiffin Group, LLC, a wholly-owned subsidiary of the Company, owns the Tiffin Group. Tiffin Motorhomes, Inc. operates out of various locations in Alabama while Vanleigh RV operates out of Mississippi.

The cash consideration for the acquisition of the Tiffin Group was $288,238, net of cash acquired, and was funded through existing cash-on-hand as well as $165,000 in borrowings from the Company’s existing asset-based credit facility.




8



The following table summarizes the final fair values of the Tiffin Group net assets acquired on the acquisition date.

Cash$13,074 
Inventory116,441 
Other assets53,860 
Property, plant and equipment48,262 
Amortizable intangible assets:
Dealer network92,200 
Trademarks32,100 
Non-compete agreements1,400 
Backlog4,800 
Goodwill65,064 
Current liabilities(81,423)
Deferred income tax liabilities(37,263)
Other liabilities(7,203)
Total fair value of net assets acquired301,312 
Less cash acquired(13,074)
Total cash consideration for acquisition, less cash acquired$288,238 

On the acquisition date, amortizable intangible assets had a weighted-average useful life of 18.8 years. The dealer network was valued based on the Discounted Cash Flow Method and is being amortized on an accelerated basis over 18 to 20 years. The trademarks were valued on the Relief from Royalty Method and are being amortized on a straight-line basis over 20 years. Backlogs were valued based on the Discounted Cash Flow Method and were amortized on a straight-line basis over five to seven months. Generally, the goodwill recognized as a result of this transaction is not deductible for tax purposes.

The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2022 acquisition of Airxcel had occurred at the beginning of fiscal 2021 and the fiscal 2021 acquisition of the Tiffin Group had occurred at the beginning of fiscal 2020. These pro forma results may not be indicative of the actual results that would have occurred under the ownership and management of the Company.

Three Months Ended April 30,
20222021
Net sales$4,657,517 $3,595,680 
Net income attributable to THOR Industries, Inc.$348,051 $190,564 
Basic earnings per common share$6.34 $3.44 
Diluted earnings per common share$6.32 $3.42 

Nine Months Ended April 30,
20222021
Net sales$12,538,217 $9,352,649 
Net income attributable to THOR Industries, Inc.$863,674 $457,147 
Basic earnings per common share$15.62 $8.26 
Diluted earnings per common share$15.56 $8.22 





9



Togo Group

As discussed in Note 2 to the Company’s Consolidated Financial Statements included in the Fiscal 2021 Form 10-K, the Company held a 73.5% ownership interest in the Togo Group, which was rebranded as Roadpass Digital in November 2021. During the third quarter of fiscal 2022, the Company acquired the remaining interest in Togo Group for $16,144 in cash, and as a result holds a 100% ownership interest in Togo Group as of April 30, 2022.

3.    Business Segments

The Company has three reportable segments, all related to recreational vehicles: (1) North American Towables, (2) North American Motorized and (3) European. The operations of the Company’s Postle, Roadpass Digital (formerly Togo Group) and Airxcel subsidiaries are included in Other. Net sales included in Other related primarily to the sale of component parts and aluminum extrusions. Intercompany eliminations adjust for Postle and Airxcel sales primarily to the Company’s North American Towables and North American Motorized segments, which are consummated at established transfer prices generally consistent with the selling prices of products to third parties.

The following tables reflect certain financial information by reportable segment:

Three Months Ended April 30,Nine Months Ended April 30,
NET SALES:2022202120222021
Recreational vehicles
North American Towables$2,640,137$1,726,102$6,866,059$4,491,327
North American Motorized1,053,045775,3932,954,8791,846,243
Total North America3,693,1822,501,4959,820,9386,337,570
European724,002894,2402,080,7292,230,191
Total recreational vehicles4,417,1843,395,73511,901,6678,567,761
Other383,170106,960935,146262,381
Intercompany eliminations(142,837)(43,431)(346,054)(105,730)
Total$4,657,517$3,459,264$12,490,759$8,724,412

Three Months Ended April 30,Nine Months Ended April 30,
INCOME (LOSS) BEFORE INCOME TAXES:2022202120222021
Recreational vehicles
North American Towables$326,697$167,693$868,874$456,752
North American Motorized116,29354,780309,228139,768
Total North America442,990222,473